First-year qualifying occupancy reports are essential for compliance with the low-income housing tax credit (LIHTC), but the processes can be challenging. On this episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Novogradac Director of Multifamily Property Compliance Stephanie Naquin review the most common compliance mistakes LIHTC properties make regarding first-year qualifying occupancy reports, and how to avoid them. The pair discuss four categories of common errors: misunderstanding state requirements, tenant income calculation, implementing the Housing Opportunity Through Modernization Act of 2016 (HOTMA) and using the wrong forms or completing them incorrectly. The categories come from a survey conducted recently by Naquin and her team, which was covered in the March issue of the Novogradac Journal of Tax Credits magazine.